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Monday, 25 August 2014

Dyman Associates Insurance Group of Companies Tips to Consider for First Home Buyers

Stay Focused on Home Purchases

THUNDER
BAY – MONEY – The housing market is hot, in part to low interest rates and home
prices that were low for many years. Given that the purchase of a home is
typically the largest purchase one will make in their life, jumping into the
market and competing against other aggressive bids can be intimidating. The
last thing anyone would want when buying a home or property is to have regrets
afterwards, especially for those first time home buyers. Here are some tips to
consider for first time home
buyers.

Make sure to get Pre-Approved

It
would seem like it’s a given, but many first time home buyers will assume
they’ll know how much they can spend on their home based on online mortgage calculators.
It’s important to setup a meeting with your bank or mortgage specialist, since
they can provide information to you on what price range you should be looking
in, and specifics to consider like property taxes, and other monthly expenses
you’ll want to factor in.

Consider Renting for the Short-Term

Despite
all the good that comes in owning a house, such as building home equity, it’s
important to ask yourself how long you plan on staying in that house. If your
long term plan is still not known because of your job, or personal situation,
it may be better to rent in the short term. Buyers need to realize all of the
expenses renters don’t need to worry about like property taxes, and home owners
insurance. This also isn’t considering any unforeseen maintenance costs that
could arise.

Skipping the Home Inspection

Many
new home buyers may try to cut costs and skip out on a home inspection. Forgoing
the fee that inspectors charge to perform a search to flag defects of the
property could potentially save you thousands in the long run. These are the
types of decisions that you do not want to regret down the road.

Leave your Emotions at the Door

In a
competitive market like we’re in, where multiple offers are made, you don’t
want to make an emotional decision. Over bidding for a house that you’re not in
love with and that has some red flags may not be the best move. Put in a bid
that you deem to be fair value for the house, instead of putting in a bid based
on what you believe will out bid other offers.

The Bottom Line

There
are a lot of important factors to consider when purchasing your first home. You
want to make sure you feel good about the purchase, and it’s not something to
grow to regret. Should you have any questions about getting pre-approved for a
mortgage, or refinancing your current mortgage, feel free to contact me.

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would like to sign up for my free monthly investment newsletter, feel free to
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